All Calculations

Question 1

What is PED?

Answer 1

PED stands for price elasticity of demand. It measures the responsiveness of the quantity demanded of a good or service to a change in its price

Question 2

What is PES?

Answer 2

PES stands for price elasticity of supply. It measures the responsiveness of the quantity supplied of a good or service to a change in its price.

Question 3

What is the formula for percentage change in quantity demanded or supplied?

Answer 3

(Final - Initial) / Initial x 100

Question 4

What is the formula for percentage change in quantity demanded or supplied?

Answer 4

(Final - Initial) / Initial x 100

Question 5

What is the formula for social costs?

Answer 5

Private costs + External costs

Question 6

What is the formula for social benefits?

Answer 6

Private benefit + External benefit

Question 7

What is the formula for total cost?

Answer 7

Fixed cost + Variable cost

Question 8

What is the formula for average cost?

Answer 8

Total cost / Total output

Question 9

What is the formula for total revenue?

Answer 9

Price per unit x Quantity sold (TR = PQ)

Question 10

What is the formula for average revenue?

Answer 10

Total revenue / Quantity of the product sold

Question 11

What is the formula for profit?

Answer 11

Total revenue - Total cost

Question 12

What is the formula for balance of trade?

Answer 12

Value of visible exports - Value of visible imports